Guangzhou Jointas Chemical Co., Ltd. announced that it expects to receive CNY 364.1395 million in funding
February 27, 2020
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Guangzhou Jointas Chemical Co., Ltd. (SZSE:002909) announced a private placement of not more than 33,600,000 A shares for gross proceeds of not more than CNY 364,139,500 on February 28, 2020. The transaction will include participation from not more than 35 designated investors. The company will issue shares at a price not lower than 80% of the average stock price for 20 trading days before the pricing reference date. All shares to be issued will be subject to a lock-up period of 6 months from the date of closing. The transaction has been approved in the 12th meeting of 2nd directorate of the company, and is subject to the approval of shareholders of the company and China Securities Regulatory Commission.
Guangzhou Jointas Chemical Co Ltd is a China-based company principally engaged in the research, development, production and sale of coatings and sealant products, as well as the provision of related services. The Company's main products include silicone sealants, water-based sealants, other sealants, asphalt paint and water-based paint. The Company's products are used in various areas, such as construction, home decoration, container manufacturing, steel structure manufacturing, petrochemical equipment and ship yacht equipment. The Company distributes its products mainly in domestic market.